Would you trade in a brand new '06 Civic Si for a '03 Cobra?

[Apaolo]

Well its pretty simple, I just started financing a '06 Si in May. I never use the car because I have another beater, so from May till Jan. Ive only put on 5500 miles. I still owe 16k on it but I came across this beutiful white '03 Cobra and actually talked to the owner on this site, PaleSnake, cool guy awesome car.

Anyways, I a good chunk of money but at the time I financed I took the smallest payment for the longest term. I didnt know much about financing and now Im regretting it. I can get the Cobra for a decent price with flexible payments for 3 years. The Cobra has 42k miles on it with some nice mods on it. My question is, would it be a wise decision to make? Should I keep my new car, pay off the loan and then buy a cobra? Im mostly afraid of ruining my credit but thats really not possible since the dealer pays off the 16k I owe to buy the title.

I need to make a decision by this Saturday, and Ive been really racking my brain over this. The honda is nice and what not, but I really hate the 4 banger with a 8k rpm redline, I need some torque!

 

[LowNSlowNeon]

What kind of price is on that Cobra?

 

[Apaolo]

They want 23,900 for it which seems fair. I could probably work them down on it since they were willing to give me alot for the Civic. The car is also dynoed at 458hp if I remeber correctly, with some suspension work, new clutch, exhaust, intake etc.

 

[CentennialVert]

It really depends on what they will give you for trade in. When they say they pay off your load, they do, they just put whatever is over their trade allowance into your new load, which creates negative equity. You don't want that on a vehicle with 42k miles. Granted, Cobras hold their value rather well, you still don't want to start out in the hole.

 

[03gtcoupe]

not even a question.

 

[hydroshutter]

42k miles is pretty steep.

 

[Apaolo]

The deal they offered me was 17k for my car, which should really be 19k, and 23,900 for the cobra. This left 6900 on the Cobra plus the 16k I owed on the Civic which would mean I would be financing 23k on the Cobra. I am currently financing 23k on the Civic so its pretty much an equal trade. I know I can get 19k or more for the Civic because when I told the guy I didnt like the number he added 2k onto the 17k instantly. Plus I should be able to get the 23,900 on the Cobra lowered too, hopefully to 22k but thats a stretch

 

[Mustanger]

Get "Gap" Insurance on the new loan if you are close to being upside down...it is cheap & a good idea.

Go get the Cobra.. but remember it is a used performance car...it may develope some mechanical issues depending on how hard it was driven/raced!
Seems like a decent price from what I can see.

 

[CentennialVert]

If they will give you more than you owe on yours, and you think you're getting a fair deal on the Cobra, then slap Gap on that bitch and friggin enjoy it!

 

[03Sssnake]

I think you can find a lower mileage cobra for that kind of loot. Without a question, get out of the Si if you can do so at no loss, or even slightly positive.

 

[Apaolo]

Ya I owe less on the Si then its worth so I wont be upside down on it. I am worried about the 42k miles for a modded car but then again I talked to the owner and the car was his baby. It was well taken care of with proper mods mostly to support the power. The only other Cobra around me is about 200 miles away and it has 20k miles on it for 23k.

Then again mileage really wouldnt matter since its only my weekend/track car. I plan to mod it right away so I dont think mileage really matters. The only thing about mileage is that Im going from a car that Ive had since new with only 5k miles on it to a car with 42k miles, Im not a fan of used cars I should say.

 

[LowNSlowNeon]

Hmm seems expensive IMO...

My buddy picked up a Virgin 03 DSG Cobra with 10k miles for 23k.

 

[Apaolo]

Bump

 

[hydroshutter]

Hmm seems expensive IMO...

My buddy picked up a Virgin 03 DSG Cobra with 10k miles for 23k.

This is extremely rare!

 

[ragu1585]

hell i baught my 03 with 42k miles for 27 and with the hood needing to be repainted. but if i would of baught a virgin car and modded it to exactly how it is now i would be way more in debt. btw i do no regret it one bit! its all about if its worth it to you!!!

 

[YesterdayAgain]

Is this even a serious question?

on a side note, would you guys dump Oprah for Scarlett Johanson?

 

[10thAnnvCobra]

Yes, I would!! epper: :banana:

 

[Top_Fuel]

I wouldn't do it, and here's why...

You are going to pay a premium for the convenience of trading in your vehicle for a quick transaction. One of three things is going to happen:

1. You'll pay too much for the Cobra
2. You'll get too little trade-in value for your Civic
3. All of the above

It seems that you should be able to get close to $19K for your Civic if you sold it on your own, right? So do that, payoff your Civic and now you have $3,000 in you pocket.

Now that you have $3K, go find a nice, low-mile, unmolested Cobra with some warranty left for around $25,000...like THIS one. You'll end up financing the same amount, but you will be starting out with an almost new car that's a better deal than the white one you're looking at.

 

[SpectorV]

thats not horrible miles for an 03 model car, average is like 55k or so~ but for a terminator it is kind of high if you dont know the history.

 

[LedVenom281]

I would think about that about as much as I think about taking my next breath. Good by Si. Pshh.

That's like asking me (assuming this was an option and I owned a base model 07' V6 Stang) if I would trade in my 07' Mustang for a used 06' C6 Z06.